Government to examine Rs five lakh tax exemption proposal for pensioners

Government to examine Rs five lakh tax exemption proposal for pensioners

NEW DELHI: The finance ministry has informed Congress MP Shashi Tharoor that his suggestion to increase the tax exemption limit for pension up to Rs 5 lakh would be examined during the ongoing preparations for the Union Budget 2018, according to a communication.

Responding to a letter written by Tharoor in late September, Minister of State for Finance Shiv Pratap Shukla said the suggestion that pension up to Rs 5 lakh per annum should be exempted from income tax in all cases was examined.

“The proposal would be examined during the exercise for the ensuing Union Budget 2018 and the outcome would be reflected in the Finance Bill, 2018,” said the letter, which was tweeted by Tharoor.